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مناقب

مناقب

ٹُر گئے کر کے مندڑا حال
وسدے ہاسے سجناں نال
سجناں باہجھوں دل کرلاندا
رو رو ہاڑے ترلے پاندا
ماہی جلدی مکھ وکھال
ٹُر گئے کر کے مندڑا حال

الإمام زفر: أصوله الفقهية وآرائه المفتي بها في تفسير الأحكام

Compilation and codification of Islamic jurisprudence is a great achievement of the Islamic literary history. The productivity andfertility of the mind of the Muslims Scholars was a true and brilliant field of cognitive process. Ilanafi school of thought display in these Muslims societies from practice point of view always dominated. In this respect the Imam Zufar (RA) (110AH) had been a great scholar in Ilanafi Canon with his unique multi-dimensional features and characteristics. Nevertheless, He iras a prominent jurist, Muhaddis, Justice and Mujtahid. He paved a different path to have difference of opinion with his great teacher Imam Abu Hanifa as well as with the rest offamous jurists. This article emphasis on those principles along with examples that at the end evolved to have become his exclusive principles for inference of the Shari. ahka am. This article will also highlight his versatile scholary life and will help the researchers to investigate about his seminal work.

Performance of Demutualized, Cross-Listed and Newly Listed Ipos: Evidences from Alternative Investment Market Aim

Generally, in most traditional markets one can observe a rapid escalation in the trading price of many IPOs on the first day. The closing price on the first day of trading is quite often much high then the offering price six hours earlier.It is a well established fact that initial public offerings of common stock (hereafter IPOs) are mostly underpriced, sometimes astronomically and subsequently underperformed in long-run period. There remains a question as to why this is such a common occurrence. However, virtually all the statistical studies draw their data from large highly liquid markets-traditional or main markets. To test these propositions, we selected various categories of IPOs i.e. local IPOs, cross-listed IPOs and demutualized firms’ offeringthat are listed on AIM during 2001 to 2017. Findings of the study depicts that on average, IPOs are underpriced by 2.48%, 2.62% and 2.16% on the first, fifteen and thirty day of trading respectively. We further identified that demutualized IPOs are less underpriced then local IPOs. In addition, cross-listed IPOs are more underpriced on the fifteenth and the thirtieth day of trading relative to local and demutualized IPOs. This study also reports that offer price is emerged as a robust determinant of short-run performance of unseasoned issues. In long-run price performance, it is found that investors in the AIM earn significant positive returns if the stock is hold for three years, and the price variation is dependent upon the firm size. As for as the spillover is concerned, the results show that only mean spillover effects from US and Australian market and volatility spillover effects from US, Canada, Australia and Irish market transmit to their respective cross-listed IPOs on an alternative markets. That finding implies that in short-run, a lower offer price leads to greater underpricing. In long-run, Investment in small firms seems more profitable compared to those of large firms in the AIM. These findings suggest that prospective investors can develop and diversify their portfolio in an alternative markets. The findings of the study have also a practical value for those investor who are especially interested in earning abnormal excess returns in an alternative market
Asian Research Index Whatsapp Chanel
Asian Research Index Whatsapp Chanel

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